This PMI calculator will show you how much PMI (private mortgage insurance) will cost you if you're putting less than a 20% down payment on your home.

Since your home equity is 13.33%, you must pay PMI. The estimated monthly amount you will pay for PMI is $56.29 Here are the best ways to eliminate paying PMI: 1) If your home appreciates to the point where you have 20% or more home equity 2) You pay down your loan balance until you reach 20% or more home equity 3) You get a different loan which does not require PMI